XRP has been trying to bounce back and replicate the performance of its glory days. The digital currency, just like most of the digital coins in the market, had its fair share of loss last year, but that hasn’t been the highlight of its journey.
A few years since its debut on the crypto market, XRP, climbed to $3.02 in January 2018, it’s all-time high and rose more than a 1000% percent before that historic feat.
Its gradual growth soon earned it the 3rd largest cryptocurrency position and its future was nothing but bright. The digital coin, however, started sliding down slowly and soon lost more than half of its all-time value.
2019 wasn’t any exception as the price of XRP kept hovering around the $0.20 mark for months. The digital coin is now trading at $0.23, taking advantage of a recent partnership deal announced by its team. Despite its slightly better start to this year, the question out there still remains if the digital coin can climb to the $1 mark.
2020 promises to be a good year for cryptocurrencies and especially altcoins as Bitcoin is set to undergo another halving event. Bitcoin is undoubtedly the biggest cryptocurrency and its rise has many times, propelled altcoins to rise with it.
Bitcoin is already up by 20% this year and is expected to experience more bullish trends. Part of XRP’s rise this year also depends on Bitcoin and its history of a massive bullish run after a halving will sure take XRP along for a joy ride.
Another factor that can help Ripple’s XRP rise to the $1 mark again is its developmental projects surrounding it. Ripple has announced many partnerships in the last few months, starting with the partnership with Moneygram, which saw the coin achieve a 14% rise from last week, which also coincided with a new record for Moneygram’s transaction growth. XRP’s 14% climb made it the second-highest gainer in the top hundred in terms of market cap.
Ripple Net, has also partnered with Siam Commercial Bank, a Thailand-based bank which offers fintech solutions for many Asian markets. The partnership seeks to make Ripple Net the basis for a new app and payment system. The banking app will also introduce the bank’s 6 million-strong user base to Ripple’s XRP which will increase its exposure and daily trade.
XRP was able to show its resistance level by maintaining its $0.20 mark during the wild fluctuations, which saw many bullish traders’ cash in on the digital coin. With the coin gaining momentum, coupled with many anticipated developments, XRP could be on the right path to hitting the $1 mark once again or even more before the end of 2020.